===== SIDA 1 ===== Interim Report Q2 January–June 2026 Results summary 2 CEO comment 3 Group results 4 Segment results 6 Sustainability 8 Short-term risks 9 Shareholders' Nomination Board 9 Resolutions by the AGM 9 Financials 10 IFRS section 10 Alternative performance measures 19 Contacts 23 On the cover: Performa Nova Aqua, CKB Nude Aqua for dry food packaging ===== SIDA 2 ===== Optimising our portfolio and driving results through our own actions Quarterly financial highlights (compared with Q2/25) • Sales remained stable at EUR 2,423 (2,426) million, as the positive impact from structural changes was offset by lower prices and adverse currency movements. • Adjusted EBIT increased by 27% to EUR 160 (126) million, supported by a positive impact of the ramp-up of the new consumer board line at the Oulu site. The adjusted EBIT margin increased to 6.6% (5.2%). • Operating result (IFRS) was EUR 16 (64) million, including items affecting comparability of EUR -83 (-35) million, mainly related to impairments and restructuring, and fair valuations and other non- operational items of EUR -61 (-27) million, mostly related to fair valuation of biological assets. • Earnings per share was EUR -0.03 (0.03) and earnings per share excl. fair valuations (FV) were EUR 0.03 (0.05). • The fair value of the forest assets was EUR 8.5 (9.0) billion, equivalent to EUR 10.80 per share, reflecting the impact of the divestment of 12.4% of forest assets in Sweden in 2025. • Cash flow from operations amounted to EUR 87 million. Operating working capital had a negative cash flow impact of EUR 101 million where the main drivers were higher trade receivables, mainly due to stronger consumer packaging sales and lower trade payable. This was partly offset by a decrease in inventories. • The net debt to adjusted EBITDA (LTM) ratio improved to 2.2 (3.3) primarily driven by a reduction in net debt, as proceeds from the hybrid bond were classified as equity. January–June 2026 results (compared with H1/25) • Sales were EUR 4,781 (4,789) million. • Adjusted EBIT was EUR 319 (301) million. • Operating result (IFRS) was EUR 101 (235) million. • Earnings per share (EPS) was EUR 0.01 (0.17) and EPS excl. fair valuations (FV) was EUR 0.08 (0.18). • Cash flow from operations amounted to EUR 212 (336) million. Key highlights • Stora Enso continues the preparations for the planned separation of its Swedish forest assets business into a new publicly-listed company, expected to be completed during the first half of 2027. • Stora Enso's strategic review of its Central European sawmills and building solutions operations is ongoing. • The ramp-up of the consumer board line at the Oulu site in Finland continues, and the production volumes are gradually increasing. The line is expected to reach full capacity during 2027. • Stora Enso is strengthening its focus on specialised pulp grades with a EUR 19 million investment to increase fluff pulp production at its Skutskär site in Sweden, responding to growing consumer demand for hygiene products. As part of this transition, softwood pulp production on fiberline 3 will be permanently shut down during Q3/2026. • Stora Enso published its Circularity Plan, aligned with the Global Circularity Protocol for Business (GCP), and has set a new target to achieve 90% material circularity in its direct operations by 2030. • In July, the corrugated board production units in Germany were divested to optimise the asset base. Outlook Q3/2026 • Market conditions remain uncertain. Continued geopolitical tensions and trade-related volatility may affect customer demand, supply chains and input costs. Stora Enso continues to focus on actions within its control while proactively adapting to market developments with agility. • Planned maintenance impact in the third quarter is expected to increase by approximately EUR 40–50 million compared with the second quarter. The increase is due to scheduled maintenance shutdowns across all operational segments. See the section Maintenance for more details. • The ramp-up of the new production line in Oulu continues. A longer annual shutdown is planned in the third quarter, during which selected efficiency improvement equipment will be installed. The negative impact on adjusted EBIT is expected to remain at a similar level to the second quarter. • The divestment of 175,000 hectares of forest assets in Sweden, completed in 2025, will result in a reduction of annual adjusted EBIT of approximately EUR 20 million, with an estimated quarterly effect of approximately EUR 5 million. • The operating income from emission rights in 2025 was about EUR 72 million, distributed evenly throughout the year. For 2026, the income from the sale of emission rights is projected to decrease to EUR 10–20 million. This decline reflects changes to the EU ETS (Emissions Trading Scheme) rules: several sites will lose their free C O ₂ a l l o w a n c e a l l o c a t i o n s f r o m 2 0 2 6 o n w a r d , a s t h e i r e m i s s i o n s a r e more than 95% biogenic and therefore no longer qualify for free allocations under the revised ETS framework. Summary LTM = Last 12 months. The calculation method is explained in the Annual Report. S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  2 Sales and adjusted EBIT margin Sales, MEUR Adjusted EBIT, % Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 0 1,000 2,000 3,000 4,000 0% 3% 6% 9% 12% ===== SIDA 3 ===== CEO comment The second quarter marked another period of disciplined execution in a volatile market environment. We improved operational performance, strengthened customer relationships and advanced several important strategic initiatives. Despite continued market uncertainty, we made progress in building a stronger and more focused Stora Enso. I am particularly pleased with the progress in Consumer Packaging, where operational performance strengthened further and customer feedback continues to be very encouraging. We continue to receive positive feedback on both product quality and service, reflecting the dedication of our teams, strength of our customer offering and our significant investments in leading technologies. Creating customer value remains at the heart of our strategy, and it is encouraging to see this translating into stronger customer relationships and faster than market growth. At the same time, we continued to execute our strategy and focus on our portfolio. We announced actions to further strengthen our position in specialised pulp through the decision to invest in fluff pulp capacity at Skutskär, while also closing a less competitive production line at the site. As a part of our corrugated asset base optimisation we divested the corrugated board production in Germany. These actions are aligned with our strategic ambition to strengthen competitiveness and allocate capital where we see the greatest opportunities to create value. Preparations for the separation of our Swedish forest assets business, Bergslagets Skogar, also progressed as planned. The strategy is defined, the organisation is in place, and preparations continue at a good pace. Bergslagets Skogar is an important step towards unlocking value and enhancing the strategic focus of both companies. Market conditions nevertheless remained challenging. Demand levels across many end markets continued to be subdued and geopolitical tensions increased uncertainty during the quarter. The conflict in Iran contributed to increases in energy, logistics and other input costs. Through disciplined and relentless focus on our own actions across procurement, commercial and operational excellence, we actively managed these impacts and limited their effect on our business. Compared to the exceptionally high levels seen over the past years, wood costs have moderated. However, wood supply continues to be tight and overall wood costs, including sawlogs, remain high. This is the backdrop against which we operate and compete every day. At Oulu, the ramp-up of the new consumer board line continued to progress. Production stability, technical runnability and operational efficiency improved further during the quarter. While the ramp-up continues to affect short-term profitability, the overall development was positive and we expect further improvement going forward. This quarter once again demonstrated that we are not standing still and we are not relying on market conditions to improve our performance. We continue to drive profitability through our own actions, operational and commercial excellence and systematic value creation. We are creating a more focused and competitive company with a strong foundation for profitable growth. Our strategic priorities remain unchanged: • Lead in customer value creation through innovation, quality and sustainability • Grow faster than market with superior customer offering, leading technology and operational efficiency • Expand margin through business focus, a positive performance culture and systematic value creation • Generate cash with high conversion ratio and disciplined capital allocation I am encouraged by the progress we are making. We have many important initiatives underway, and our focus remains firmly on execution. I would like to thank our employees for their commitment, hard work and determination. Together, we are actively shaping our future and building a stronger, more focused, and more sustainable Stora Enso. Hans Sohlström President and CEO, Stora Enso CEO comment S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  3 ===== SIDA 4 ===== Group result Q2/2026 (compared with Q2/2025) EUR million Q2/26 Q2/25 Change % Q2/26–Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025 Sales 2,423 2,426 -0.1 % 2,358 4,781 4,789 9,326 Adjusted EBITDA 320 279 14.5 % 309 628 599 1,144 Adjusted EBITDA margin 13.2 % 11.5 % 13.1 % 13.1 % 12.5 % 12.3 % Adjusted EBIT 160 126 26.8 % 159 319 301 528 Adjusted EBIT margin 6.6 % 5.2 % 6.7 % 6.7 % 6.3 % 5.7 % Operating result (IFRS) 16 64 -74.7 % 85 101 235 942 Result before tax (IFRS) -26 20 -229.9 % 43 18 152 783 Net result for the period (IFRS) -11 15 -172.1 % 35 24 122 686 Cash flow from operations 87 145 -39.8 % 125 212 336 897 Cash flow after investing activities 3 -37 107.0 % -22 -19 -83 122 Capital expenditure 96 218 -56.0 % 74 171 343 746 Depreciation and impairments excl. IAC 135 123 9.8 % 127 262 240 483 Net debt 2,619 3,988 -34.3 % 3,535 2,619 3,988 3,181 Forest assets¹ 8,518 8,990 -5.3 % 8,484 8,518 8,990 8,478 Adjusted return on capital employed (ROCE), %, LTM 3.9% 4.3% 3.7% 3.9% 4.3% 3.8% Earnings per share (EPS) excl. FV, EUR 0.03 0.05 -49.1 % 0.05 0.08 0.18 0.41 EPS (basic), EUR -0.03 0.03 -195.5 % 0.04 0.01 0.17 0.88 Return on equity (ROE), %, LTM 5.5% -1.7% 6.0% 5.5% -1.7% 6.7% Net debt/equity ratio 0.22 0.39 0.34 0.22 0.39 0.29 Net debt to LTM² adjusted EBITDA ratio 2.2 3.3 3.1 2.2 3.3 2.8 Equity per share, EUR 14.96 12.81 16.8 % 13.23 14.96 12.81 13.69 Average number of employees (FTE) 18,215 19,136 -4.8 % 18,055 18,174 18,849 18,877 1 Total forest assets value, including leased land and Stora Enso's share of forest assets in associated companies Breakdown of change in sales Sales Q2/2025, EUR million 2,426 Price and mix -2% Currency -1% Volume 0% Other sales1 0% Total before structural changes -3% Structural changes2 3% Total 0% Sales Q2/2026, EUR million 2,423 1 Energy, paper for recycling (PfR), by-products etc. 2 Asset closures, major investments, divestments and acquisitions Group sales Sales were stable as the positive impact from structural changes related to the ramp-up of the consumer board line in Oulu and the acquisition of Junnikkala was offset by lower prices and adverse currency movements. Adjusted EBIT Adjusted EBIT increased by 27% or EUR 34 million, supported by a positive impact from the ramp-up of the new line in Oulu. Prices and mix decreased profitability by EUR 57 million, mainly due to lower external sales prices for wood in Sweden. This was partly offset by EUR 18 million from higher volumes, especially in Consumer Packaging. Variable costs were EUR 57 million lower, driven by lower wood costs. Fixed costs decreased by EUR 17 million due to cost savings and lower maintenance activity. Net foreign exchange rates had a negative EUR 29 million impact. The profitability impact from depreciations, associated companies, structural changes and other was positive EUR 11 million. Operating result (IFRS) Operating result (IFRS) decreased by EUR 48 million. Fair valuations and non-operational items (FV) had a EUR -61 (-27) million impact and items affecting comparability (IAC) a EUR -83 (-35) million impact on the operating result. Other Net financial items amounted to EUR -42 (-44) million and were EUR 2 million lower than in the corresponding period last year, primarily driven by lower net interest expense and partly offset by lower foreign exchange gains. Net debt to LTM adjusted EBITDA improved to 2.2 (3.3) due to lower net debt compared to the same period of last year, primarily driven by a reduction in net debt, as proceeds from the hybrid bond were classified as equity. Forest assets The fair value of total forest assets decreased by EUR 472 million to EUR 8,518 (8,990) million. The decrease was mainly due to the divestment of forest assets in Sweden in 2025. The fair value of biological assets, including Stora Enso's share of biological assets in associated companies, decreased by EUR 20 million to EUR 6,691 (6,711) million. This was mainly a result of the divestment of forest assets in Sweden, while increases in estimated long-term wood prices had a positive impact on biological asset value. The value of forest land, including leased land and Stora Enso's share of associated companies, decreased by EUR 452 million to EUR 1,827 (2,279) million. The decrease was mainly due to the divestment of forest land in Sweden and an increase in the discount rate. Excluding the impact of the Swedish forest asset divestment in Q3/2025, the value of the forest asset has increased by EUR 290 million compared with Q2/2025. Group result LTM = Last 12 months IAC = Items affecting comparability, FV = Fair valuations and non-operational items. For further details, see section Items affecting comparability (IAC), fair valuations and non-operational items. Stora Enso January–June 2026 results 4 ===== SIDA 5 ===== Second quarter 2026 results (compared with Q1/2026) Sales Group sales increased by 3%, or EUR 65 million, to EUR 2,423 (2,358) million. Higher sales prices and deliveries, especially in Biomaterials and Containerboard, were only partly offset by negative foreign exchange rates impact. Adjusted EBIT Adjusted EBIT increased to EUR 160 (159) million. The adjusted EBIT margin decreased to 6.6% (6.7%). Sales prices and mix improved adjusted EBIT by EUR 18 million, especially for pulp and containerboard. Volumes had a positive impact of EUR 27 million, mainly due to good operational performance in Consumer Packaging. Variable costs were EUR 19 million higher, as lower wood costs were more than offset by cost escalation related to the Iran conflict. Fixed costs were EUR 25 million higher, mainly due to seasonality. Net foreign exchange rates had a negative EUR 13 million impact on adjusted EBIT. The profitability impact from depreciations, associated companies, structural changes and other was positive EUR 13 million. January–June 2026 results (compared with January–June 2025) Sales Group sales remained flat at EUR 4,781 (4,789) million. The positive impact from the structural changes related to the ramp-up in Oulu and the acquisition of Junnikkala, was offset by lower prices and adverse foreign exchange rate movements. Adjusted EBIT Adjusted EBIT increased EUR 17 million to EUR 319 (301) million, supported by a positive impact from the ramp- up in Oulu. The adjusted EBIT margin increased to 6.7% (6.3%). Lower sales prices decreased profitability by EUR 109 million, mainly due to lower external prices for wood in Sweden. Lower variable costs increased adjusted EBIT by EUR 126 million, mainly due to wood costs. Fixed costs were EUR 34 million lower, due to cost saving measures and lower maintenance activity. Net foreign exchange rates had a negative EUR 33 million impact on profitability. The impact from depreciations, associated companies and other, was a negative EUR 3 million on adjusted EBIT. IFRS result Operating result (IFRS) was EUR 101 (235) million. Fair valuations and non-operational items (FV) had a EUR -79 (-21) million impact and items affecting comparability (IAC) a EUR -138 (-46) million impact on the operating result. Cash flow Q2/2026 Cash flow (non-IFRS) EUR million Q2/26 Q2/25 Change % Q2/26–Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025 Adjusted EBITDA 320 279 14.5 % 309 628 599 1,144 IAC and other adjustments on Adjusted EBITDA -108 -74 -46.6 % -66 -174 -98 -298 Change in working capital -124 -61 -104.6 % -118 -243 -165 51 Cash flow from operations 87 145 -39.8 % 125 212 336 897 Cash spent on fixed and biological assets -85 -181 53.3 % -142 -226 -420 -775 Acquisitions of associated companies 0 0 n/m -5 -5 0 0 Cash flow after investing activities 3 -37 107.0 % -22 -19 -83 122 Cash flow after investing activities improved compared to Q2/25, primarily due to lower cash spending on fixed assets. Cash flow from operations was lower than a year ago, mainly reflecting a more negative working capital development. Operating working capital had a negative cash flow impact of EUR 101 million in the quarter, driven by higher trade receivables following stronger consumer packaging sales and lower trade payables. This was partly offset by a reduction in inventories, which released EUR 47 million of cash. Payments related to previously announced provisions amounted to EUR 17 million. Items affecting comparability were mainly related to restructuring costs. Capital expenditure Q2/2026 (compared with Q2/2025) Additions to fixed and biological assets totalled EUR 96 (218) million, of which EUR 80 (202) million were fixed assets and EUR 16 (17) million biological assets. Depreciations and impairment charges excluding IACs totalled EUR 135 (123) million. Additions in fixed and biological assets had a cash outflow impact of EUR 85 (181) million. Stora Enso anticipates that capital expenditure in 2026 will be below EUR 550 million, which is EUR 200 million less than in the previous year. The main projects ongoing during the quarter were: • Corrugated packaging plant development at the Ostrołęka site in Poland • Finalisation of fluff pulp, winder, and roll handling investment at the Skutskär site in Sweden • Start-up of the drying machine rebuild at Skutskär for increased fluff pulp production Group result Stora Enso January–June 2026 results 5 ===== SIDA 6 ===== Capital structure Q2/2026 EUR million 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Jun 2025 Fixed assets1 13,785 13,457 13,668 14,025 Associated companies 1,085 1,083 1,108 949 Operating working capital, net2 613 505 328 494 Non-current interest-free items, net -182 -179 -193 -268 Operating capital total 15,301 14,866 14,911 15,200 Net tax liabilities -1,032 -1,050 -1,080 -1,261 Capital employed 14,269 13,816 13,830 13,939 Equity attributable to owners of the Parent 11,801 10,431 10,796 10,100 Non-controlling interests -151 -149 -147 -149 Net debt 2,619 3,535 3,181 3,988 Financing total 14,269 13,816 13,830 13,939 1 Fixed assets include goodwill, other intangible assets, property, plant and equipment, right-of-use assets, forest assets, emission rights, and unlisted securities. 2 Operating working capital, net includes inventories, trade receivables, trade payables and all other short-term operating receivables, payables, accruals, and provisions. Compared with Q1/2026 Net debt decreased by EUR 916 million to EUR 2,619 (3,535) million during the second quarter, mainly due to proceeds from issue of hybrid bond and lower cash outflows from investing activities, partly offset by lower cash inflows from operations. The ratio of net debt to the last 12 months’ adjusted EBITDA was at 2.2 (3.1). The net debt/equity ratio on 30 June 2026 improved to 0.22 (0.34). The average interest expense rate on borrowings at the reporting date was 3.7% (3.7%). Cash and cash equivalents net of overdrafts increased by EUR 550 million to EUR 1,557 million. During the quarter, Stora Enso completed the make-whole redemption of its EUR 300 million bond originally maturing in June 2027. In addition, a SEK-denominated bond amounting to EUR 93 million was repaid at its original maturity and was refinanced with new bonds of the same total amount maturing in 2032 and 2034. On 10 April, Stora Enso completed the issuance of two tranches of hybrid bonds with a total nominal amount of EUR 1 billion, classified as equity under IFRS. During the quarter, a EUR 100 million drawn loan and a EUR 100 million committed undrawn credit facility with original maturity in 2027 were extended to mature in 2029. Stora Enso had in total EUR 800 million committed undrawn credit facilities as at 30 June 2026. Segments Stora Enso changed its segment reporting structure as of 1 January 2026. More details in the section Segment changes. Consumer Packaging Comprises the Cartonboard and the Foodservice and Liquid Board business areas Cartonboard is a leader in Folding Boxboard (FBB), Coated Unbleached Kraft (CUK) and Solid Bleached Sulphate (SBS) segments in Europe, and focuses on developing and innovating sustainable packaging materials. It produces premium fresh fiber packaging boards for food, cosmetics, chocolate, cigarette, and pharmaceutical packaging, beverage and multipacks. Foodservice and Liquid Board is a global leader in Liquid Packaging Boards and Europe’s largest supplier of Foodservice Boards, focusing on developing and innovating sustainable packaging materials for the global food and beverage sector. It produces Foodservice Boards for items like paper cups, trays, and containers, and Liquid Packaging Boards for products such as milk, juice, yoghurt, and soups. Integrated Packaging Comprises the Containerboard and the Packaging Solutions business areas Containerboard is a global leader in virgin-fiber containerboard, with a competitive recycled offering. It produces brown and white-top kraftliners for fresh food and agricultural products, and testliners and fluting for corrugated packaging in e- commerce, consumer products, electronics, and industrial packaging applications. Packaging Solutions is a packaging converter producing premium fiber-based packaging products across multiple market areas, including retail, e-commerce, and industrial applications. It provides design and sustainability services to help customers to optimise material use, improve logistics, and reduce CO2 emissions. Biomaterials The segment includes specialty pulp grades and biochemicals produced at the Northern European production units and sustainable cost competitive eucalyptus pulp grades produced in Latin America, serving demanding customers with specialised pulp across packaging, hygiene, medical care and industrial applications. Other Includes the Wood and Energy business area and Group functions, the Swedish forest assets, the Growth business unit, and the Central European Wood Products operations. Intercompany sales of wood and logistics services from the segment Other to Consumer Packaging, Integrated Packaging, and Biomaterials have been eliminated from the segment Other. Capital structure Stora Enso January–June 2026 results 6 ===== SIDA 7 ===== Segment results (compared with Q2/2025) EUR million Q2/26 Q2/25 Change % Q2/26– Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025 Consumer Packaging Sales 985 953 3.4 % 970 1,956 1,847 3,692 Adjusted EBITDA 124 76 62.7 % 117 240 181 354 Adjusted EBIT 64 22 194.6 % 65 129 77 129 Adjusted EBIT margin 6.5% 2.3% 6.7% 6.6% 4.2% 3.5% Operating result (IFRS) 48 4 n/m 59 107 55 88 Integrated Packaging Sales 599 626 -4.2 % 572 1,172 1,211 2,359 Adjusted EBITDA 70 72 -3.6 % 67 137 132 232 Adjusted EBIT 29 33 -10.3 % 28 57 54 74 Adjusted EBIT margin 4.9% 5.2% 4.8% 4.9% 4.5% 3.1% Operating result (IFRS) -3 25 -110.7 % 1 -2 46 53 Biomaterials Sales 410 407 0.8 % 353 763 822 1,558 Adjusted EBITDA 103 77 34.1 % 77 179 171 326 Adjusted EBIT 65 42 54.6 % 39 104 101 185 Adjusted EBIT margin 15.9% 10.4% 11.1% 13.7% 12.3% 11.9% Operating result (IFRS) 31 38 -17.8 % 35 66 100 219 Other Sales 631 658 -4.2 % 641 1,272 1,303 2,497 Adjusted EBITDA 29 61 -52.5 % 46 75 118 230 Adjusted EBIT 7 37 -80.3 % 25 32 72 138 Adjusted EBIT margin 1.1% 5.6% 3.9% 2.5% 5.5% 5.5% Operating result (IFRS) -54 4 n/m -11 -66 38 580 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Consumer Packaging • Sales increased mainly due to the ramp-up of the consumer board line in Oulu and the Junnikkala acquisition. • Adjusted EBIT increased by EUR 42 million, supported by the positive impact from the ramp-up in Oulu. Good operational performance, improved volumes and lower variable costs were only partly offset by the adverse sales price and foreign exchange impact. • Order inflow remained strong in certain products, although demand for European consumer board grades remained mixed. Integrated Packaging • Sales decreased mainly due to lower corrugated packaging volumes in Western Europe. • Adjusted EBIT decreased by EUR 4 million, mainly due to lower energy subsidies. The impact of lower sales was offset by lower wood, paper for recycling (PfR) and fixed costs. • Demand for virgin containerboard was improving together with price increases. In corrugated board, the focus was on protecting and improving its margins through price increases. Biomaterials • Sales increased slightly as higher deliveries were only partly offset by unfavourable foreign exchange rates. • Adjusted EBIT increased by EUR 23 million, mainly due to lower wood costs and reduced fixed costs, positively impacted by lower maintenance activity. • The softwood pulp market remained weak, but hardwood and fluff pulp markets were more stable and prices continued to recover sequentially. Other • Sales of wood decreased, mainly due to lower external sales prices for wood in Sweden, negatively impacted by storm damages in the end of December 2025. • Adjusted EBIT decreased by EUR 29 million, mainly due to lower wood prices in Sweden and lower margins in the Central European wood products operations. Segment results Stora Enso January–June 2026 results 7 Share of external sales by segment 39% 24% 13% 24% Consumer Packaging Integrated Packaging Biomaterials Other EUR million Adjusted EBIT by segment Consumer Packaging Integrated Packaging Biomaterials Other 0 10 20 30 40 50 60 70 ===== SIDA 8 ===== Key sustainability targets and performance Stora Enso contributes to the circular bioeconomy transition in three key areas where it has the biggest impact and opportunities: climate change, circularity, and biodiversity. The foundation for these is the conduct of everyday business in a responsible manner. Climate Stora Enso’s science-based target for 2030 is to reduce absolute Scope 1 and 2 greenhouse gas (CO2e) emissions by 50% from the 2019 base year, in line with the 1.5-degree scenario. By the end of Q2/2026, the Scope 1 and 2 CO2e emissions were 1.03 million tonnes, a 61% reduction from the base year. Compared with Q2/2025 (1.07 million tonnes), the decrease in emissions is mainly attributed to reduction measures, such as fuel switches. Stora Enso is committed to reducing Scope 3 emissions by 50% from the 2019 base year by 2030. In 2025, Stora Enso's estimated Scope 3 CO2e emissions were 4.63 million tonnes, a 38% reduction from the base year. Circularity In May 2026, Stora Enso published its Circularity Plan, aligned with the Global Circularity Protocol for Business, and set a new target to achieve 90% material circularity in its direct operations by 2030, up from a baseline of 79% in 2025. The target integrates circular design, operational efficiency, and value chain collaboration to optimise the use of resources and minimise waste. The previous technical recyclability target is incorporated within this new broader material circularity metric. Performance will be reported in the Sustainability Statement 2026. Biodiversity Stora Enso is committed to achieving a net-positive impact on biodiversity in its own forests and plantations by 2050 through active biodiversity management at species, habitat and landscape levels. Progress is monitored with science-based impact indicators reported in the Sustainability Statement. Biodiversity is an integral part of forest certifications, which include the protection of valuable ecosystems. Stora Enso’s target is to maintain a forest certification coverage level of at least 96% for the Group's own and leased forest lands. The forest certification coverage has remained stable and amounted to 99% in 2025 (2024: 99%). Direct and indirect CO2e emissions (Scope 1+2, rolling four quarters) Million tonnes 0% -13% -15% -28% -42% -53% -61% -62% -61% -50% CO₂e million tonnes, effective CO₂e million tonnes, target -50% % reduction 2019 2020 2021 2022 2023 2024 2025 Q1/2026 Q2/2026 2026 2027 2028 2029 2030 0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 CO2e emissions along the value chain (Scope 3) Million tonnes 0% -4% 1% -25% -35% -39% -38% -50% CO₂e million tonnes, estimated CO₂e million tonnes, target -50% % reduction 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 1 2 3 4 5 6 7 8 Responsible business practices Stora Enso reports on the sustainability indicators below on a quarterly basis. Key performance indicators (KPIs) 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Jun 2025 Target Occupational safety: total TRI rate, year-to-date 4.4 4.5 4.5 4.4 4.3 by the end of 2026 Gender balance: % of female managers among all managers 24% 24% 24% 25% 25% by end of 2027 Water: total water withdrawal per saleable tonne (m3/tonne) 56 57 56 57 Decreasing trend from 2016 baseline (60m3/ tonne) Water: process water discharges per saleable tonne (m3/tonne) 32 33 32 33 17% reduction by 2030 from 2019 baseline (36m3/tonne) Sustainable sourcing: % of supplier spend covered by the Supplier Code of Conduct (SCoC) 94% 94% 94% 94% 95% or above Full overview of Stora Enso's sustainability targets, 2025 performance and accounting principles are available in the Sustainability Statement. Sustainability S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  8 ===== SIDA 9 ===== Short-term risks Risk is characterised by both threats and opportunities that may affect Stora Enso's performance, financial results and reputation. Geopolitical and macroeconomic uncertainty could adversely impact the Group through trade measures, conflict-related risks, supply- and demand imbalances, and economic volatility. A prolonged downturn, interest rate and currency fluctuations, operational and logistics disruptions, and challenges in market capacity may negatively affect costs, margins, volumes and profitability. Continued volatility in raw material and energy prices, particularly wood availability in the Nordics, could increase costs and disrupt production. Regulatory developments, compliance costs, litigation, and operational or environmental incidents may also have an adverse financial impact. More detailed risk disclosures are available in Stora Enso’s Annual Report 2025, at storaenso.com/annualreport. Shareholders’ Nomination Board The Stora Enso Shareholders’ Nomination Board has been established to exist until otherwise decided. The Shareholders’ Nomination Board consists of the Chair of Stora Enso’s Board of Directors, the Vice Chair of the Board of Directors, and two members appointed by the two largest shareholders (one each) as of 31 May each year. Stora Enso’s two largest shareholders on 31 May 2026 were Solidium Oy and FAM AB. The Shareholders’ Nomination Board consists of the following members: Chair Marcus Wallenberg (Chair of FAM AB’s Board of Directors), Matts Rosenberg (Chief Executive Officer of Solidium), Håkan Buskhe (Chair of Stora Enso’s Board of Directors), and Jouko Karvinen (Vice Chair of Stora Enso’s Board of Directors). Resolutions by the Annual General Meeting 2026 Stora Enso Oyj’s Annual General Meeting was held on 24 March 2026 in Helsinki, Finland. The AGM adopted the accounts for 2025 and the Remuneration Report 2025, and granted the Company’s Board of Directors and Chief Executive Officer discharge from liability for the financial period. The AGM resolved, in accordance with the proposal by the Board of Directors, that the Company shall distribute a dividend of EUR 0.25 per share for the year 2025 in two instalments as follows: The first dividend instalment, EUR 0.13 per share, was paid on 8 April 2026, and the second instalment, EUR 0.12 per share, will be paid on 2 October 2026. The AGM resolved that the Board of Directors shall have eight (8) members. The AGM further resolved to re-elect the current members of the board of Directors – Håkan Buskhe, Helena Hedblom, Astrid Hermann, Christiane Kuehne, Richard Nilsson, Elena Scaltritti, and Antti Vasara – as members of the Board of Directors until the end of the following AGM and to elect Jouko Karvinen as new member for the same term of office. The AGM resolved to elect Håkan Buskhe as Chair of the Board of Directors and Jouko Karvinen as Vice Chair of the Board of Directors. For more information about the resolutions of the AGM in 2026, please see the release Resolutions by Stora Enso Oyj’s Annual General Meeting. This report has been prepared in English and Finnish. If there are any variations in the content between the versions, the English version shall govern. This report is unaudited. Helsinki, 23 July 2026 Stora Enso Oyj Board of Directors Short-term risks S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  9 ===== SIDA 10 ===== Financials Condensed consolidated income statement EUR million Q2/26 Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025 Sales 2,423 2,426 2,358 4,781 4,789 9,326 Other operating income 52 39 44 97 88 389 Materials and services1 -1,806 -1,823 -1,741 -3,548 -3,551 -7,020 Personnel expenses -337 -342 -314 -651 -646 -1,232 Other operating expenses -124 -103 -133 -257 -215 -503 Share of results of associated companies 9 8 3 12 21 89 Change in net value of biological assets -23 -10 7 -16 -3 401 Depreciation, amortisation and impairments -178 -130 -140 -318 -247 -507 Operating result 16 64 85 101 235 942 Net financial items -42 -44 -41 -83 -83 -159 Result before tax -26 20 43 18 152 783 Income tax 15 -5 -8 7 -29 -97 Net result for the period -11 15 35 24 122 686 Attributable to Owners of the Parent -13 24 32 19 137 695 Non-controlling interests 2 -9 3 5 -14 -9 Net result for the period -11 15 35 24 122 686 Earnings per share Basic earnings per share, EUR -0.03 0.03 0.04 0.01 0.17 0.88 Diluted earnings per share, EUR -0.03 0.03 0.04 0.01 0.17 0.88 1 The following three income statement lines: Materials and services, Change in inventories of finished good and WIP and Freight and sales commissions, were combined into this single row in Q4 2025. Consolidated statement of comprehensive income EUR million Q2/26 Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025 Net result for the period -11 15 35 24 122 686 Other comprehensive income (OCI) Items that will not be reclassified to profit and loss Equity instruments at fair value through OCI 374 -34 -167 207 20 297 Actuarial gains and losses on defined benefit plans -6 -9 10 4 1 36 Revaluation of forest land 104 -25 0 104 -25 -385 Share of OCI of associated companies -7 2 0 -7 2 -28 Income tax relating to items that will not be reclassified -20 8 0 -20 7 73 445 -58 -157 288 5 -8 Items that may be reclassified subsequently to profit and loss Cumulative translation adjustment (CTA) -54 -253 -29 -83 -34 124 Net investment hedges and loans 14 -14 20 34 -24 -21 Cash flow hedges and cost of hedging -18 31 -42 -60 104 84 Share of OCI of Non-controlling Interests (NCI) -4 10 -5 -9 16 12 Income tax relating to items that may be reclassified 3 -12 7 10 -28 -20 -59 -237 -49 -107 34 179 Total comprehensive income 375 -281 -170 205 161 857 Attributable to Owners of the parent 377 -283 -168 209 159 854 Non-controlling interests -2 2 -2 -4 1 3 Total comprehensive income 375 -281 -170 205 161 857 Financials S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  10 ===== SIDA 11 ===== Condensed consolidated statement of financial position Assets Goodwill O 170 171 169 Other intangible assets O 211 250 258 Property, plant and equipment O 5,120 5,227 5,090 Right-of-use assets O 425 422 442 5,927 6,069 5,959 Forest assets O 6,662 6,641 6,436 Biological assets O 5,108 5,167 4,649 Forest land O 1,554 1,473 1,787 Emission rights O 75 45 108 Investments in associated companies O 1,085 1,108 949 Listed securities I 0 0 9 Unlisted securities O 1,121 912 624 Non-current interest-bearing receivables I 19 14 20 Deferred tax assets T 235 222 164 Other non-current assets O 80 69 57 Non-current assets 15,204 15,081 14,326 Inventories O 1,773 1,802 1,740 Tax receivables T 31 29 37 Operating receivables O 1,048 869 1,004 Interest-bearing receivables I 40 67 100 Cash and cash equivalents I 1,558 1,212 1,570 Current assets 4,451 3,978 4,452 Assets held for sale 0 0 899 Total assets 19,655 19,059 19,676 EUR million 30 Jun 2026 31 Dec 2025 30 Jun 2025 Equity and liabilities Owners of the Parent 11,801 10,796 10,100 Non-controlling Interests -151 -147 -149 Total equity 11,650 10,649 9,951 Post-employment benefit obligations O 153 153 191 Provisions O 78 79 77 Deferred tax liabilities T 1,281 1,314 1,280 Non-current interest-bearing liabilities I 3,105 3,557 3,580 Non-current operating liabilities O 31 30 57 Non-current liabilities 4,649 5,133 5,184 Current portion of non-current debt I 329 253 1,339 Interest-bearing liabilities I 800 659 747 Bank overdrafts I 2 5 22 Provisions O 46 50 29 Operating liabilities O 2,163 2,293 2,219 Tax liabilities T 17 17 31 Current liabilities 3,356 3,277 4,386 Liabilities related to assets held for sale 0 0 155 Total liabilities 8,005 8,410 9,725 Total equity and liabilities 19,655 19,059 19,676 EUR million 30 Jun 2026 31 Dec 2025 30 Jun 2025 Items designated with “O” comprise Operating Capital Items designated with “I” comprise Net debt Items designated with “T” comprise Net Tax Liabilities Financials S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  11 ===== SIDA 12 ===== Condensed consolidated statement of cash flows Cash flow from operating activities Operating result 101 235 Adjustments for non-cash items 353 266 Change in net working capital -243 -165 Cash flow from operations 212 336 Net financial items paid -77 -89 Income taxes paid, net -25 -24 Net cash from operating activities 109 223 Cash flow from investing activities Acquisition of subsidiary shares and business operations, net of acquired cash 0 -14 Acquisitions of associated companies -5 0 Acquisitions of unlisted securities 0 -1 Cash flow on disposal of subsidiary shares and business operations, net of disposed cash -1 0 Cash flow on disposal of listed and unlisted securities 0 1 Cash flow on disposal of forest and intangible assets and property, plant and equipment 7 8 Capital expenditure -226 -420 Proceeds from/payment of non-current receivables, net 0 21 Net cash from investing activities -225 -405 Cash flow from financing activities Proceeds from issue of new long-term debt 103 488 Proceeds from issue of hybrid bonds 992 0 Repayment of long-term debt and lease liabilities -519 -610 Change in short-term interest-bearing liabilities -9 -12 Dividends paid -103 -114 Purchase of own shares1 -1 -1 Net cash from financing activities 463 -250 EUR million Q1-Q2/26 Q1-Q2/25 Net change in cash and cash equivalents 348 -432 Translation adjustment 3 -12 Net cash and cash equivalents at the beginning of period 1,206 1,993 Net cash and cash equivalents at period end 1,557 1,548 Cash and cash equivalents at period end 1,558 1,570 Bank overdrafts at period end -2 -22 Net cash and cash equivalents at period end 1,557 1,548 EUR million Q1-Q2/26 Q1-Q2/25 1 Own shares purchased for the Group’s share award programme. The Group did not hold any of its own shares on 30 June 2026. Financials S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  12 ===== SIDA 13 ===== Statement of changes in equity Fair value reserve EUR million Share capital Share premium and reserve fund Invested non- restricted equity fund Treasury shares Equity instruments through OCI Cash flow hedges Revaluation reserve OCI of associated companies CTA and net investment hedges and loans Hybrid bond Retained earnings Attributable to owners of the parent Non- controlling interests Total Balance at 1 January 2025 1,342 77 633 — 450 -27 1,317 68 -457 — 6,735 10,139 -150 9,989 Net result for the period — — — — — — — — — — 137 137 -14 122 OCI before tax — — — — 20 104 -25 2 -58 — 1 43 16 59 Income tax relating to OCI — — — — 1 -20 5 — -7 — 1 -21 — -21 Total comprehensive income — — — — 21 84 -20 2 -66 — 138 159 1 161 Dividend — — — — — — — — — — -197 -197 — -197 Acquisitions and disposals — — — — — — — — — — — — — — Purchase of treasury shares — — — -1 — — — — — — — -1 — -1 Share-based payments — — — 1 — — — — — — -1 — — — Balance at 30 June 2025 1,342 77 633 — 471 57 1,297 70 -522 — 6,676 10,100 -149 9,951 Net result for the period — — — — — — — — — — 559 559 5 564 OCI before tax — — — — 276 -20 -361 -30 161 — 36 63 -4 59 Income tax relating to OCI — — — — 1 4 74 — 4 — -9 74 — 74 Total comprehensive income — — — — 277 -16 -287 -30 165 — 585 695 2 697 Reclassifications on disposals — — — — -4 — -126 — — — 130 — — — Dividend — — — — — — — — — — — — — — Acquisitions and disposals — — — — — — — — — — — — — — Purchase of treasury shares — — — — — — — — — — — — — — Share-based payments — — — — — — — — — — 1 2 — 2 Balance at 31 December 2025 1,342 77 633 — 744 40 884 40 -357 — 7,393 10,796 -147 10,649 Net result for the period — — — — — — — — — — 19 19 5 24 OCI before tax — — — — 207 -60 104 -7 -48 — 4 200 -9 191 Income tax relating to OCI — — — — — 10 -21 — — — 1 -10 — -10 Total comprehensive income — — — — 207 -50 82 -7 -48 — 25 209 -4 205 Dividend — — — — — — — — — — -197 -197 — -197 Hybrid bond issue — — — — — — — — — 992 — 992 — 992 Acquisitions and disposals — — — — — — — — — — — — — — Purchase of treasury shares — — — -1 — — — — — — — -1 — -1 Share-based payments — — — 1 — — — — — — 1 2 — 2 Balance at 30 June 2026 1,342 77 633 — 951 -9 966 34 -406 992 7,221 11,801 -151 11,650 CTA = Cumulative Translation Adjustment OCI = Other Comprehensive Income NCI = Non-controlling Interests Financials S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  13 ===== SIDA 14 ===== Basis of Preparation This unaudited interim financial report has been prepared in accordance with the accounting policies set out in International Accounting Standard 34 on Interim Financial Reporting and in the Group’s Financial Report for 2025 with the exception of new and amended standards applied to the annual periods beginning on 1 January 2026 and changes in accounting principles described below. All figures in this Interim Report have been rounded to the nearest million, unless otherwise stated. Therefore, percentages and figures in this report may not add up precisely to the totals presented and may vary from previously published financial information. Segment changes Stora Enso has implemented changes to its organisational and reporting structures to better align with its strategic focus and operational synergies. Effective 1 January 2026, the Group's reportable segments are Consumer Packaging, Integrated Packaging, Biomaterials and Other. Consumer Packaging: Consumer Packaging is a new reportable segment, consisting of the Cartonboard, and Foodservice and Liquid Board business areas (previously in Packaging Materials). These operating segments have been aggregated into a single reportable segment based on their similar economic and other characteristics. Integrated Packaging: Another new reportable segment, Integrated Packaging, comprises the Containerboard business area (previously included in Packaging Materials) and the Packaging Solutions business area. These operating segments have also been aggregated based on their similar economic and other characteristics. Biomaterials: The Biomaterials segment continues to be reported as a separate reportable segment. Other: The segment Other now includes the Wood & Energy business area and Group functions, the Swedish forest assets, the Growth business unit, and the Central European Wood Products operations. Intercompany sales of wood and logistics services from the segment Other to Consumer Packaging, Integrated Packaging, and Biomaterials have been eliminated from the segment Other, reflecting the manner in which the chief operating decision maker regularly reviews reportable segments. Main changes The Wood Products segment has been discontinued as a separate reportable segment as of 1 January 2026. Northern Europe Wood Products operations have been integrated into the Consumer Packaging, Integrated Packaging, and Biomaterials segments to leverage operational synergies. Central European Wood Products operations, which are currently under strategic review, are reported within the segment Other. The Forest segment has also been discontinued as a separate reportable segment. Swedish forest assets (which are proposed to be demerged) and wood supply operations in Finland, Sweden, and the Baltic countries are now reported within the segment Other. Plantations in Latin America and China, which are linked to local mills, continue to be reported under the Consumer Packaging and Biomaterials segments. From 1 January 2026, Stora Enso’s forestry-related associated companies results and assets in Finland (Tornator) and Sweden (SESOM 2) are reported within the Consumer Packaging, Integrated Packaging, and Biomaterials segments (previously reported in the Forest segment), based on their proportional wood consumption. Stora Enso’s energy-related business and assets in Pohjolan Voima (PVO) are now reported within the Consumer Packaging, Integrated Packaging, and Biomaterials segments (previously reported in the segment Other), based on their proportional energy consumption. External PVO related electricity sales will continue to be reported under the segment Other. The Growth business unit, focused on developing innovative biobased s o l u t i o n s t o r e p l a c e f o s s i l - b a s e d a n d o t h e r n o n - r e n e w a b l e m a t e r i a l s , is now reported within the segment Other. Previously, it was included in the Biomaterials segment. Comparative periods have been restated accordingly. Details of these restatements are provided in the press release dated 25 March 2026. Hybrid bonds Hybrid bonds issued by the Group are subordinated instruments and are reported as part of equity in accordance with IFRS. The Group has no contractual obligation to deliver cash or another financial asset to the holder. The bonds have no contractual maturity and the Group has full discretion over the payment of principal and coupons. Upon initial recognition, the proceeds are recognised directly in equity, net of discount and transaction costs. Any subsequent coupon payments are recognised directly in equity. When calculating both basic and diluted earnings per share, the after-tax amount of the interest on the hybrid bonds applicable for the period is deducted from profit or loss attributable to the ordinary shareholders irrespective of whether the interest has been paid or accrued during the financial period. The following new and amended standards are applied to the annual periods beginning on 1 January 2026 Amended standards and interpretations did not have material effect on the Group. Future standard changes endorsed by the EU but not yet effective in 2026 IFRS 18 Presentation and Disclosure in Financial Statements The new IFRS 18 standard replaces the guidance in IAS 1 Presentation of Financial Statements and carries forward many requirements from IAS 1 unchanged. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027 (retrospective application is mandatory). Its main objective is to ensure that general purpose financial statements provide relevant and faithfully represented information about entity's financial performance, in a more transparent and comparable manner. The most significant impacts on Stora Enso are expected to be: Comparability in the income statement. IFRS 18 introduces defined categories - operating, investing, financing and taxes - to improve the structure of the income statement, and requires all companies to provide new defined subtotals. The most significant impact on the income statement is a decrease in the operating result (IFRS), primarily due to the results of associated companies being excluded from the operating result (IFRS) and presented in investing category and due to certain costs reclassified from financing to operating category. Also interest income and certain foreign exchange related items are reclassified from financing to investing category. Financials S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  14 ===== SIDA 15 ===== Changes in cash flow statement. Net cash from operating activities will increase, mainly due to interest paid being reclassified from operating to financing activities, netted with impact from reclassifying dividends and interest received from operating to investing activities. Net cash from investing activities is also expected to increase, primarily as interest and dividends received will be included in investing activities rather than operating activities. Net cash from financing activities is expected to decrease, mainly due to inclusion of interest paid. Management-defined performance measures (MPMs). IFRS 18 requires disclosure of explanations of company specific income statement measures, to improve the transparency. Stora Enso has evaluated that Adjusted EBITDA, Adjusted EBIT and Earnings per share (EPS) excl. FV are considered as MPMs as defined in IFRS 18. These measures are also APMs. More details including reconciliation calculations about these measures are presented in chapter Alternative performance measures. Definitions and purpose for these measures can be found in the Annual Report. Grouping of information in the financial statements. IFRS 18 sets out guidance on how to organise information and whether to provide it in the primary financial statements or in the notes. It also establishes requirements aimed at ensuring that the primary financial statements present useful, structured summaries that deliver relevant and understandable information to users. There are no other future standard changes endorsed by the EU which would have material effect on the Group. Goodwill, other intangible assets, property, plant and equipment, right-of-use and forest assets EUR million Q1-Q2/26 Q1-Q2/25 2025 Carrying value at 1 January 12,710 13,172 13,172 Additions in tangible and intangible assets 124 301 633 Additions in right-of-use assets 18 10 45 Additions in biological assets 28 33 69 Depletion of capitalised silviculture costs -30 -37 -127 Acquisition of subsidiaries 0 121 121 Disposals and classification as held for sale -7 -903 -937 Depreciation and impairments -318 -247 -507 Fair valuation of forest assets 116 9 143 Translation difference and other -53 -63 99 Statement of Financial Position Total 12,589 12,395 12,710 Borrowings EUR million 30 Jun 2026 30 Jun 2025 31 Dec 2025 Bond loans 2,222 3,170 2,530 Loans from credit institutions 734 1,265 815 Lease liabilities 476 480 463 Long-term derivative financial liabilities 1 1 1 Other non-current liabilities 1 1 1 Non-current interest-bearing liabilities including current portion 3,434 4,919 3,809 Short-term borrowings 716 690 609 Interest payable 51 52 46 Short-term derivative financial liabilities 33 5 4 Bank overdrafts 2 22 5 Total interest-bearing liabilities 4,236 5,687 4,473 EUR million Q1-Q2/26 Q1-Q2/25 2025 Carrying value at 1 January 4,473 5,779 5,779 Additions in long-term debt, companies acquired 0 69 69 Proceeds of new long-term debt 103 488 489 Repayment of long-term debt -495 -536 -1,647 Additions in lease liabilities 21 12 50 Repayment of lease liabilities and interest -37 -48 -96 Change in short-term borrowings 96 39 -50 Change in interest payable 17 6 10 Change in derivative financial liabilities 29 -43 -44 Other 0 3 -32 Translation differences 29 -81 -55 Total interest-bearing liabilities 4,236 5,687 4,473 Financials S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  15 ===== SIDA 16 ===== Commitments and contingencies EUR million 30 Jun 2026 31 Dec 2025 30 Jun 2025 On Own Behalf Guarantees 10 10 10 Other commitments 6 6 6 On Behalf of associated companies Guarantees 3 4 4 On Behalf of Others Guarantees 4 6 5 Other commitments 0 0 0 Total 23 25 25 Guarantees 17 19 19 Other commitments 6 6 6 Total 23 25 25 Stora Enso has been granted investment subsidies and has given certain investment commitments in China. There is a risk that the majority owned local Chinese company may be subject to a claim based on alleged costs resulting from certain uncompleted investment commitments. Given the specific mitigating circumstances surrounding the investment case as a whole, Stora Enso does not consider it to be probable that this situation would result in an outflow of economic benefits that would be material to the Group. Capital commitments EUR million 30 Jun 2026 31 Dec 2025 30 Jun 2025 Total 89 89 181 The Group’s direct capital expenditure contracts include the Group’s share of direct capital expenditure contracts in joint operations. Fair Values of Financial Instruments The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: • Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; • Level 2: other techniques, for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly; • Level 3: techniques which use inputs that have a significant effect on the recorded fair values that are not based on observable market data. The valuation techniques are described in more detail in the Group’s Financial Report. The instruments carried at fair value in the following tables are measured at fair value on a recurring basis. Carrying amounts of financial assets and liabilities by measurement and fair value categories: 30 June 2026 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial assets Listed securities — — — — — — — — Unlisted securities — 1,102 19 1,121 1,121 — — 1,121 Non-current interest-bearing receivables 11 7 — 19 19 — 7 — Derivative assets — 7 — 7 7 — 7 — Loan receivables 11 — — 11 11 — — — Trade and other operating receivables 740 29 — 769 769 — 29 — Current interest-bearing receivables 15 15 10 40 40 — 26 — Derivative assets — 15 2 18 18 — 18 — Other short-term receivables 15 — 8 23 23 — 8 — Cash and cash equivalents 1,558 — — 1,558 1,558 — — — Total 2,324 1,154 29 3,507 3,507 — 62 1,121 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial liabilities Non-current interest-bearing liabilities 3,104 1 — 3,105 3,256 — 1 — Derivative liabilities — 1 — 1 1 — 1 — Non-current debt 3,104 — — 3,104 3,255 — — — Current portion of non-current debt 329 — — 329 329 — — — Current interest-bearing liabilities 761 21 18 800 800 — 39 — Derivative liabilities — 21 18 39 39 — 39 — Current debt 761 — — 761 761 — — — Trade and other operating payables 1,855 — — 1,855 1,855 — — — Bank overdrafts 2 — — 2 2 — — — Total 6,051 22 18 6,091 6,242 — 40 — In accordance with IFRS, derivatives are classified as fair value through income statement. In the above tables for financial assets and liabilities the cash flow hedge accounted derivatives are however presented as fair value through OCI, in line with how they are booked for the effective portion. Financials S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  16 ===== SIDA 17 ===== Carrying amounts of financial assets and liabilities by measurement and fair value categories: 31 December 2025 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial assets Listed securities — — — — — — — — Unlisted securities — 896 17 912 912 — — 912 Non-current interest-bearing receivables 11 3 — 14 14 — 3 — Derivative assets — 3 — 3 3 — 3 — Loan receivables 11 — — 11 11 — — — Trade and other operating receivables 543 50 — 593 593 — 50 — Current interest-bearing receivables 10 49 8 67 67 — 57 — Derivative assets — 49 1 50 50 — 50 — Other short-term receivables 10 — 7 17 17 — 7 — Cash and cash equivalents 1,212 — — 1,212 1,212 — — — Total 1,774 999 25 2,798 2,798 — 111 912 Amortised cost Fair value through OCI Fair value through income statement Total carrying amount Fair value Fair value hierarchy EUR million Level 1 Level 2 Level 3 Financial liabilities Non-current interest-bearing liabilities 3,556 1 — 3,557 3,718 — 1 — Derivative liabilities — 1 — 1 1 — 1 — Non-current debt 3,556 — — 3,556 3,718 — — — Current portion of non-current debt 253 — — 253 253 — — — Current interest-bearing liabilities 649 3 7 659 659 — 10 — Derivative liabilities — 3 7 10 10 — 10 — Current debt 649 — — 649 649 — — — Trade and other operating payables 2,013 — — 2,013 2,013 — — — Bank overdrafts 5 — — 5 5 — — — Total 6,475 4 7 6,486 6,648 — 11 — Reconciliation of level 3 fair value measurement of financial assets and liabilities: 30 June 2026 EUR million Q1-Q2/26 2025 Q1-Q2/25 Financial assets Opening balance at 1 January 912 602 602 Reclassifications 3 0 0 Gains/losses recognised in income statement 0 1 0 Gains/losses recognised in other comprehensive income 207 300 22 Additions 0 13 1 Disposals 0 -3 -1 Closing balance 1,121 912 624 The Group did not have level 3 financial liabilities as at 30 June 2026. Level 3 Financial Assets At period end, Level 3 financial assets included EUR 1,077 million of Pohjolan Voima Oy (PVO) shares for which the valuation method is described in more detail in the Annual Report. The valuation is most sensitive to changes in electricity prices and discount rates. The discount rate of 6.57% used in the valuation model is determined using the weighted average cost of capital method. A +/- 5% change in the electricity price used in the DCF would change the valuation by EUR +96 million and -96 million, respectively. A +/- percentage point change in the discount rate would change the valuation by EUR -185 million and +247 million, respectively. Key exchange rates for the euro One Euro is Closing Rate Average Rate (Year-to-date) 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 SEK 11.0935 10.8215 10.7881 11.0647 USD 1.1394 1.1750 1.1670 1.1293 GBP 0.8618 0.8726 0.8673 0.8566 Financials S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  17 ===== SIDA 18 ===== Maintenance Planned maintenance shutdowns Consumer Packaging Integrated Packaging Biomaterials 2026 2025 2026 2025 2026 2025 Q1 — — Q1 — — Q1 Veracel — Q2 Beihai Beihai Q2 Langerbrugge Langerbrugge Q2 — Skutskär Q3 Oulu Oulu Q3 Heinola, Oulu, Varkaus Heinola, Oulu, Varkaus Q3 Skutskär Enocell Q4 Anjalankoski, Fors, Imatra, Skoghall Anjalankoski, Fors, Imatra, Skoghall Q4 Ostrołęka Ostrołęka Q4 — Montes del Plata Total planned maintenance impact Expected and historical impact of lost value of sales and planned maintenance costs EUR million Q3/26¹ Q2/26² Q1/26 Q4/25 Q3/25 Q2/25 Total maintenance impact 110–120 71 83 113 110 95 1 The estimated numbers may be impacted by unforeseen additional costs and/or volume loss in connection with the planned maintenance stops and the restart of operations. 2 The estimate for Q2/2026 was EUR 70–80 million. External deliveries Q2/26 Q2/25 Change % Q2/26– Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025 Consumer board, 1,000 tonnes 767 737 4.2 % 775 1,543 1,423 2,852 Containerboard, 1,000 tonnes 362 344 5.3 % 345 708 674 1,296 Corrugated packaging Europe, million m2 315 323 -2.6 % 293 608 610 1,216 Market pulp, 1,000 tonnes 484 501 -3.3 % 432 916 1,036 2,019 Wood products, 1,000 m3 1,230 1,197 2.7 % 1,118 2,348 2,249 4,440 Wood, 1,000 m3 3,390 3,298 2.8 % 3,632 7,022 6,944 13,255 Paper, 1,000 tonnes 141 133 6.5 % 147 288 270 561 Stora Enso shares During the second quarter of 2026, the conversions of 8,079 A shares into R shares were recorded in the Finnish trade register. On 30 June 2026, Stora Enso had 175,534,144 A shares and 613,085,843 R shares in issue. The company did not hold its own shares. The total number of Stora Enso shares in issue was 788,619,987 and the total number of votes at least 236,842,728. Trading volume Helsinki Stockholm A share R share A share R share April 97,333 31,824,345 69,077 4,667,963 May 134,182 31,996,028 39,685 4,410,526 June 61,100 43,142,850 42,702 5,413,129 Total 292,615 106,963,223 151,464 14,491,618 Closing price Helsinki, EUR Stockholm, SEK A share R share A share R share April 9.70 9.46 102.00 102.70 May 10.15 10.05 108.00 108.20 June 9.42 9.33 103.00 103.50 Number of shares Million Q2/26 Q2/25 Q1/26 2025 At period end 788.6 788.6 788.6 788.6 Average 788.6 788.6 788.6 788.6 Average, diluted 790.3 789.7 790.1 789.7 Financials S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  18 ===== SIDA 19 ===== Sales by segment – total EUR million Q2/26 Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25 Consumer Packaging 985 970 3,692 900 945 953 894 Integrated Packaging 599 572 2,359 564 584 626 586 Biomaterials 410 353 1,558 378 358 407 416 Other 631 641 2,497 606 588 658 645 Inter-segment eliminations -202 -179 -780 -194 -191 -217 -178 Total 2,423 2,358 9,326 2,254 2,283 2,426 2,362 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Sales by segment – external EUR million Q2/26 Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25 Consumer Packaging 937 927 3,510 849 901 905 855 Integrated Packaging 577 552 2,274 542 564 602 566 Biomaterials 321 282 1,233 302 280 309 342 Other 588 596 2,310 561 539 610 600 Total 2,423 2,358 9,326 2,254 2,283 2,426 2,362 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Operating result (IFRS) by segment EUR million Q2/26 Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25 Consumer Packaging 48 59 88 -7 41 4 51 Integrated Packaging -3 1 53 26 -18 25 20 Biomaterials 31 35 219 83 36 38 62 Other -54 -11 580 369 173 4 34 Inter-segment eliminations -6 2 2 6 -1 -7 4 Operating result (IFRS) 16 85 942 476 231 64 171 Net financial items -42 -41 -159 -47 -29 -44 -39 Result before tax -26 43 783 430 202 20 132 Income tax expense 15 -8 -97 -66 -1 -5 -25 Net result -11 35 686 363 201 15 107 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Alternative performance measures According to the European Securities and Markets Authority (ESMA) Guidelines, an alternative performance measure is understood as a financial measure of historical or future financial performance, financial position, or cash flows. These measures are not defined under IFRS Accounting Standards and therefore might not be comparable to apparently similar measures used by other entities. Used together with the IFRS measures, alternative performance measures provide meaningful supplemental information about the financial development of the business operations. Definitions and purpose for alternative performance measures can be found in the Annual Report. Adjusted EBIT by segment EUR million Q2/26 Q1/26 2025 Q4/25 Q3/25 Q2/25 Q1/25 Consumer Packaging 64 65 129 -2 54 22 55 Integrated Packaging 29 28 74 29 -9 33 22 Biomaterials 65 39 185 45 38 42 59 Other 7 25 138 22 44 37 35 Inter-segment eliminations -6 2 2 6 -1 -7 4 Adjusted EBIT 160 159 528 100 126 126 175 Fair valuations and non- operational items -61 -18 434 466 -11 -27 7 Items affecting comparability -83 -56 -19 -90 117 -35 -11 Operating result (IFRS) 16 85 942 476 231 64 171 Net financial items -42 -41 -159 -47 -29 -44 -39 Result before Tax -26 43 783 430 202 20 132 Income tax expense 15 -8 -97 -66 -1 -5 -25 Net result -11 35 686 363 201 15 107 Comparative figures have been restated as detailed in the press release dated 25 March 2026. Reconciliation of operating result EUR million Q2/26 Q2/25 Change % Q2/26– Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025 Adjusted EBITDA 320 279 14.5% 309 628 599 1,144 Depreciation and silviculture costs of associated companies -5 -6 2.6% -2 -8 -7 -14 Silviculture costs1 -20 -25 21.4% -20 -40 -50 -120 Depreciation and impairment excl. IAC -135 -123 -9.8% -127 -262 -240 -483 Adjusted EBIT 160 126 26.8% 159 319 301 528 Fair valuations and non-operational items -61 -27 -123.8 % -18 -79 -21 434 Items affecting comparability (IAC) -83 -35 -136.3 % -56 -138 -46 -19 Operating result (IFRS) 16 64 -74.7 % 85 101 235 942 1 Including damages to forests Financials S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  19 ===== SIDA 20 ===== Items affecting comparability (IAC), fair valuations and non-operational items (FV) Items affecting comparability Q2/26 Q1-Q2/26 Q2/25 Q1-Q2/25 EUR million Income statement Before tax Income tax Before tax Income tax Before tax Income tax Before tax Income tax Acquisition & disposal Other operating expenses -9 0 -17 0 -5 0 -9 0 Impairment Depreciation, amortisation and impairments -43 10 -56 12 -8 2 -7 1 Impairment Share of results of associated companies 0 0 -12 0 0 0 0 0 Restructuring Other operating expenses -12 2 -28 6 -12 2 -22 5 Restructuring Materials and services -4 1 -10 2 -10 2 -10 2 Environmental Other operating expenses 0 0 0 0 0 0 2 0 Environmental Materials and services -10 2 -10 2 0 0 0 0 Other Other operating expenses -5 1 -5 1 0 0 0 0 Total Operating result -83 16 -138 23 -35 6 -46 8 The impact on non-controlling interests (NCI) is considered immaterial. Items affecting comparability by segment EUR million Q2/26 Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025 Consumer Packaging -9 -10 -2 -11 -11 -46 Integrated Packaging -28 -5 -25 -53 -5 -21 Biomaterials -22 0 0 -23 -1 -5 Other -23 -20 -28 -51 -29 52 IAC on operating result -83 -35 -56 -138 -46 -19 Tax on IAC 16 6 7 23 8 28 IAC on net result -66 -29 -49 -115 -38 9 Comparative figures have been restated according to the new segment structure. Items affecting comparability Q2/26 Consumer Packaging Q2/26: Restructuring costs of EUR -4 million, mostly related to operations in Finland, and claims and penalties of EUR -5 million. Q2/25: Restructuring costs of EUR -10 million, mainly related to operations in Finland. Integrated Packaging Q2/26: impairments of EUR -27 million, mainly related to Western Europe operations and restructuring costs of EUR -1 million. Q2/25: Restructuring costs of EUR -5 million. Biomaterials Q2/26: Restructuring costs and impairments of EUR -22 million, mostly related to operations in Sweden. Other Q2/26: Restructuring costs of EUR -5 million, EUR -9 million related to acquisitions and disposals, mostly related to potential demerger of Swedish forest and environmental items of EUR -10 million, mostly related to increased harvesting and other costs following the storm in Sweden in the end of 2025. Q2/25: EUR -4 million of consulting costs related to profit improvement programme, restructuring costs of EUR -10 million, mainly related to closed operations, acquisition related costs of EUR -5 million and disposals related costs of EUR -1 million. Financials S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  20 ===== SIDA 21 ===== Fair valuations and non-operational items Q2/26 Q1-Q2/26 Q2/25 Q1-Q2/25 EUR million Income statement Before tax Income tax Before tax Income tax Before tax Income tax Before tax Income tax Non-operational FV changes of biological assets Change in net value of biological assets -50 11 -53 11 -14 3 -9 2 CO2 emission rights and liabilities Other operating income, Materials and services 6 -1 -2 0 3 -1 10 -2 Non-operational items of associated companies Share of results of associated companies -16 -22 -16 -21 Adjustments for differences between fair value and acquisition cost of forest assets upon disposal Other operating income 2 0 -2 0 0 0 Total Operating result -61 10 -79 12 -27 2 -21 0 Financial items of associated companies Share of results of associated companies 4 7 4 6 Income tax of associated companies Share of results of associated companies 4 8 4 7 Total Net result for the period -57 14 -73 20 -24 6 -15 7 The impact on non-controlling interests (NCI) is considered immaterial. Fair valuations and non-operational items by segment EUR million Q2/26 Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025 Consumer Packaging -7 -8 -4 -11 -11 5 Integrated Packaging -4 -3 -1 -5 -4 -1 Biomaterials -12 -4 -4 -16 0 40 Other -38 -13 -9 -47 -5 390 FV on operating result -61 -27 -18 -79 -21 434 FV on financial items 4 4 3 7 6 11 Tax on FV 14 6 6 20 7 -76 FV on net result -44 -17 -9 -53 -8 369 Comparative figures have been restated according to the new segment structure. Fair valuations in Q2/26 Consumer Packaging: Non-operational fair valuation changes of biological assets and non-operational items of associated companies of EUR -7 (-8) million. Integrated Packaging: Non-operational items of associated companies of EUR -4 (-3) million. Biomaterials: Non-operational fair valuation changes of biological assets and non-operational items of associated companies of EUR -12 (-4) million. Other: Non-cash income and expenses related to CO2 emission rights and liabilities and non-operational fair valuation changes of biological assets of EUR -38 (13) million. Financials S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  21 ===== SIDA 22 ===== Forest assets EUR million Q2/26 Q2/25 Q1/26 Q4/25 Forest assets in subsidiaries and joint operations 6,662 7,333 6,629 6,641 Forest assets in associated companies 1,719 1,502 1,719 1,702 Leased forest land (right-of-use assets) 137 155 136 134 Total Forest assets 8,518 8,990 8,484 8,478 Calculation of adjusted ROCE and ROE based on the last 12 months EUR million Q2/26 Q2/25 Q1/26 Q4/25 Adjusted EBIT, LTM 545 597 511 528 Capital employed, LTM average 13,909 14,032 13,888 13,864 Adjusted ROCE, LTM 3.9% 4.3% 3.7% 3.8% Net result for the period, LTM 588 -172 614 686 Total equity, LTM average 10,602 10,302 10,318 10,259 Return on equity (ROE), LTM 5.5% -1.7% 6.0% 6.7% Net debt 2,619 3,988 3,535 3,181 Adjusted EBITDA, LTM 1,173 1,212 1,133 1,144 Net debt to LTM adjusted EBITDA ratio 2.2 3.3 3.1 2.8 ROCE = Return on capital employed ROE = Return on equity LTM = Last 12 months Calculation of earnings per share excl. fair valuations EUR million Q2/26 Q2/25 Q1/26 Q1-Q2/26 Q1-Q2/25 2025 Net profit for the period attributable to owners of the Parent -13 24 32 19 137 695 Accumulated interest expenses on hybrid bond after taxes of the period -10 -10 FV on net profit for the period attributable to owners of the Parent -44 -17 -9 -53 -8 369 Net profit for the period attributable to owners of the parent excl. FV 21 41 41 62 145 327 Average number of shares 789 789 789 789 789 789 Earnings per share (EPS) excl. FV EUR 0.03 0.05 0.05 0.08 0.18 0.41 Calculation of net debt EUR million 30 Jun 2026 30 Jun 2025 31 Mar 2026 31 Dec 2025 Listed securities 0 9 0 0 Non-current interest-bearing receivables 19 20 19 14 Interest-bearing receivables 40 100 48 67 Cash and cash equivalents 1,558 1,570 1,011 1,212 Interest-bearing assets 1,617 1,699 1,078 1,293 Non-current interest-bearing liabilities 3,105 3,580 3,304 3,557 Current portion of non-current debt 329 1,339 425 253 Interest-bearing liabilities 800 747 879 659 Bank overdrafts 2 22 5 5 Interest-bearing Liabilities 4,236 5,687 4,613 4,473 Net debt 2,619 3,988 3,535 3,181 Financials S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  22 ===== SIDA 23 ===== Contact information Stora Enso Oyj P.O. Box 309 FI-00101 Helsinki, Finland Visiting address: Katajanokanlaituri 4 Tel: +358 2046 131 Stora Enso AB Fannys väg 1 SE-131 54 Nacka, Sweden Tel. +46 1046 000 00 storaenso.com storaenso.com/investors For further information, please contact: Jutta Mikkola, SVP Investor Relations, tel. +358 50 544 6061 Hanna Rutanen, SVP Communications, tel. +358 41 507 1361 Stora Enso's January–September 2026 results will be published on 30 October 2026 Bergslagets Skogar, the Swedish forest assets business to be separated from Stora Enso, will organise a Capital Markets Day in Stockholm on 3 November 2026 Stora Enso is a global leader in renewable materials with a strong focus on packaging. Our purpose is to replace non-renewable materials with renewable solutions. Together with our customers, we design and deliver competitive, high-quality packaging materials and solutions, made from fresh and recycled fibers, accelerating the transition to a circular bioeconomy. Stora Enso has approximately 19,000 employees and our sales in 2025 were EUR 9.3 billion. Stora Enso's shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded on OTC Markets (OTCQX) in the USA as ADRs and ordinary shares (SEOAY, SEOFF, SEOJF). storaenso.com/investors It should be noted that Stora Enso and its business are exposed to various risks and uncertainties and certain statements herein which are not historical facts, including, without limitation those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties, which may cause actual results to materially differ from those expressed in such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing activities and the achievement of efficiencies therein, continued success of product development, acceptance of new products or services by the Group’s targeted customers, success of the existing and future collaboration arrangements, changes in business strategy or development plans or targets, changes in the degree of protection created by the Group’s patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for the Group’s products and the pricing pressures thereto, price fluctuations in raw materials, financial condition of the customers and the competitors of the Group, the potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in the Group’s principal geographic markets or fluctuations in exchange and interest rates. All statements are based on management’s best assumptions and beliefs in light of the information currently available to it and Stora Enso assumes no obligation to publicly update or revise any forward-looking statement except to the extent legally required. Contacts S t o r a E n s o J a n u a r y – J u n e 2 0 2 6 r e s u l t s  23